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Casual Articles - Concerned with the Bottom Line? Consider Expense Management Automation - Part I
To me, business seems to be like a cup of coffee.You either love it, or you don't!Meaning this,When you find a GREAT cup of coffee, you tend to savor each sip and take in all it has to offer. The smell, the taste, the over-all enjoyment that cup of coffee brings in to you. However, when you think your getting a great cup of coffee and all you get is just the "cup of coffee", not a lot of flavor, not much to talk about except the fact that you just spent money on a "not so great cup of coffee".Now the meaning behind my idea of "Business is like a cup of coffee" is just this... I have been reading about a lot of internet businesses and everyone claims to be able to teach you how to make thousands of dollars by following their simple directions. What they don't tell you is that most people have different "tastes". What one person thinks may be extremely opposite from the next. I guess that's why their are so many coffee houses too.Each internet business has it's own flavor. You just need to sit down and find out which flavor is the right taste for you. Don't just jump into something without reading about it first.Take time to let things sink in!!With the current business
Besides the manual method, there are other EMA methods, available in the marketplace, including outsourcing and licensed software. However, the most cost-effective method is a 100% Web-Based application service provider. Web-Based EMA solution providers target companies that push the envelope in business process automation and supply chain efficiencies using the
A management team, which has worked together for a long period of time is much like a special team in the Armed Forces or a sports team. There is efficiency and organizational capital, which has been nurtured for years. However, sometimes things change and there will be a need for one of the executives to go to another division or department or set up another offshoot for the company.There will also be times of retirement, people leaving the company or even getting the ax due to the Board of Directors lack of confidence in the individual. Nevertheless no matter what the reason is for the change management there will be efficiency gaps within the organization as one hand does not understand what the other is doing because they have not been working together for as long.To prevent efficiency gaps from growing the team in place must understand how change management works and how to foster the remaining organizational capital and where things need to improve in the communication chain. Many people who talk about change management do so from a theoretical standpoint rather than an actual doing it standpoint.You can study change management all you want in the textbooks of America's greatest MBA schools and professors can teach class after clas
Expense reimbursement mixed in manual paper-based procedures, lack policy enforcement resulting in lengthy and costly process cycles with no reporting or analysis capability. However, times have changed, and the tough economic conditions of the past few years have forced organizations to curb expenses and scrutinize travel policies. As a result, business T&E expenses are virtually untapped areas for process automation and cost savings in all companies.
Organizations all over the world are cutting direct costs, which make up 30-60% of most companies overall expenditures. Employee-initiated expenses, such as T&E contribute up to 20% to these costs. However, traditional expense management systems are time consuming, labor intensive, and lack a policy enforcement mechanism. They also require significant staff resources, including managers and accounting personnel.
Over the last decade companies have invested in electronic enterprise resource planning (ERP), building a sophisticated TCM infrastructure or better manage direct and indirect costs. However, little attention paid to automating and optimizing employee-initiated expenses. According to the Aberdeen Group, "EMA offers as much opportunity, if not more, as e-procurement in reining in costs."
Understanding Expenses
Many leading global companies with the most sophisticated ERP systems can provide detail such as the exact quantity, location and price of the smallest component of a commodity in their products supply chain. However, these systems fail to track how much employees spend on hotels, where they stay, and/or how much they pay per night.
According to the Aberdeen Group survey, despite million-dollar travel budgets and 100% manual auditing of all expense reports for policy compliance, in most companies support of the T&E functions for employees is non-existent or neglected. For example, top sales executives could spend hours each week preparing expense forms, finding receipts, and sending the paper packet (via overnight mail) to a manager for approval. Any problem with the report means several rounds of phone calls, which wastes employee and administration time. Additionally, if any out-of-policy expenses identified, managers usually view them with indifference. According to Aberdeen Group, many companies use employee reimbursement as a loophole to circumvent the accounting department, policies, and/or systems.
Overall, manual expense reporting has proven to be an inefficient, frustrating, and expensive process for all involved - an area ripe for automation.
The Power of EMA
As is true with any automated process, EMA is about enhancing collaboration, streamlining processes, controlling costs, and enhancing the information exchange within and across organizational boundaries. EMA helps companies focus on the bottom line and reduce costs by quickly and consistently collecting expense information, enforcing company policies, and gaining efficiency. The automation of expense management is no different than automating any internal process, and considered as a strategic tool in TCM.
Besides the manual method, there are other EMA methods, available in the marketplace, including outsourcing and licensed software. However, the most cost-effective method is a 100% Web-Based application service provider. Web-Based EMA solution providers target companies that push the envelope in business process automation and supply chain efficiencies using the I
Follow up is an incredibly important aspect of your marketing and contact management systems. You need to be diligent but not aggressive with your follow-up, though. Your follow up should be creative and customized for each lead or prospect but never so overwhelming that you are perceived as a pest. You want your follow up to appeal to people; not drive them away.Here are some tips for delivering excellent propsect follow up:Send a follow up letter announcing that you're speaking at an event and invite them to attend.Advise that you are exhibiting at a trade show. Use your follow up to give them a free pass for the show.Send a follow up survey asking if anything has changed since the last time you spoke or met.Ask for a referral in the form of a follow call, email, letter, etc...After a natural disaster, send a follow up letter offering your assistance.If you hear about a promotion they've had, some kind of award that they've won, some kind of new business that they obtained, or some positive media coverage, follow up with a congratulatory call.If appropriate, discuss a joint venture opportunity like a joint trade show, seminar, etc...Use major holidays as a natural follow up point by sending a
Organizations all over the world are cutting direct costs, which make up 30-60% of most companies overall expenditures. Employee-initiated expenses, such as T&E contribute up to 20% to these costs. However, traditional expense management systems are time consuming, labor intensive, and lack a policy enforcement mechanism. They also require significant staff resources, including managers and accounting personnel.
Over the last decade companies have invested in electronic enterprise resource planning (ERP), building a sophisticated TCM infrastructure or better manage direct and indirect costs. However, little attention paid to automating and optimizing employee-initiated expenses. According to the Aberdeen Group, "EMA offers as much opportunity, if not more, as e-procurement in reining in costs."
Understanding Expenses
Many leading global companies with the most sophisticated ERP systems can provide detail such as the exact quantity, location and price of the smallest component of a commodity in their products supply chain. However, these systems fail to track how much employees spend on hotels, where they stay, and/or how much they pay per night.
According to the Aberdeen Group survey, despite million-dollar travel budgets and 100% manual auditing of all expense reports for policy compliance, in most companies support of the T&E functions for employees is non-existent or neglected. For example, top sales executives could spend hours each week preparing expense forms, finding receipts, and sending the paper packet (via overnight mail) to a manager for approval. Any problem with the report means several rounds of phone calls, which wastes employee and administration time. Additionally, if any out-of-policy expenses identified, managers usually view them with indifference. According to Aberdeen Group, many companies use employee reimbursement as a loophole to circumvent the accounting department, policies, and/or systems.
Overall, manual expense reporting has proven to be an inefficient, frustrating, and expensive process for all involved - an area ripe for automation.
The Power of EMA
As is true with any automated process, EMA is about enhancing collaboration, streamlining processes, controlling costs, and enhancing the information exchange within and across organizational boundaries. EMA helps companies focus on the bottom line and reduce costs by quickly and consistently collecting expense information, enforcing company policies, and gaining efficiency. The automation of expense management is no different than automating any internal process, and considered as a strategic tool in TCM.
Besides the manual method, there are other EMA methods, available in the marketplace, including outsourcing and licensed software. However, the most cost-effective method is a 100% Web-Based application service provider. Web-Based EMA solution providers target companies that push the envelope in business process automation and supply chain efficiencies using the
Company restructuring, merging & acquisition should be done in concert with ERP system tuning up or building up. Sometimes you should consider switching to cheaper and more efficient ERP solutionThe MicroCap space may be viewed as a jungle containing many hungry predators who may view you and your company as just another meal. Within six degrees of separation from nearly everyone in the American business community, unfortunately, you are likely to meet someone who has been victimized in a reverse merger transaction or some other transaction that was poorly structured, ill conceived and designed to fulfill the selfish interests of a few. Divestitures or Spin-Offs may substantially improve you cash flow:• Sometimes companies can be burdened by assets or divisions that are not relevant to their current business focus.• This can cause financial problems and can create a lack of clarity on the part of their shareholder base.• What is the solution? Maybe your company should consider getting operationally and financially back into focus by spinning out a division or divesting itself of an asset?• Usually you need specialist to assist in identifying a target for divesting or spinning off, valuing the asset, finding a buyer and/or
Understanding Expenses
Many leading global companies with the most sophisticated ERP systems can provide detail such as the exact quantity, location and price of the smallest component of a commodity in their products supply chain. However, these systems fail to track how much employees spend on hotels, where they stay, and/or how much they pay per night.
According to the Aberdeen Group survey, despite million-dollar travel budgets and 100% manual auditing of all expense reports for policy compliance, in most companies support of the T&E functions for employees is non-existent or neglected. For example, top sales executives could spend hours each week preparing expense forms, finding receipts, and sending the paper packet (via overnight mail) to a manager for approval. Any problem with the report means several rounds of phone calls, which wastes employee and administration time. Additionally, if any out-of-policy expenses identified, managers usually view them with indifference. According to Aberdeen Group, many companies use employee reimbursement as a loophole to circumvent the accounting department, policies, and/or systems.
Overall, manual expense reporting has proven to be an inefficient, frustrating, and expensive process for all involved - an area ripe for automation.
The Power of EMA
As is true with any automated process, EMA is about enhancing collaboration, streamlining processes, controlling costs, and enhancing the information exchange within and across organizational boundaries. EMA helps companies focus on the bottom line and reduce costs by quickly and consistently collecting expense information, enforcing company policies, and gaining efficiency. The automation of expense management is no different than automating any internal process, and considered as a strategic tool in TCM.
Besides the manual method, there are other EMA methods, available in the marketplace, including outsourcing and licensed software. However, the most cost-effective method is a 100% Web-Based application service provider. Web-Based EMA solution providers target companies that push the envelope in business process automation and supply chain efficiencies using the
Electronic funds transfer is a modern method of financial transaction. The electronic funds transfer systems helps transfer funds from one place to another, via electronic signals transmitted by wire. It eliminates the physical exchange of money or other mediums that are equivalent to money. It is considered to be a hassle free and provides prompt service.Electronic funds transfer systems (EFTS) are comprised of a large number of financial transaction systems. These include fund transfers among major banks and transfers among the Federal Reserve Banks through their private network (FEDWIRE). These systems are widely used by a number of other financial institutions. EFT systems operate using a variety of mini and microcomputers that forms the network of automatic banking transactions.The Law of Electronic Fund Transfer Systems helps regulate modern business trends and technical improvements. It provides guidelines, provisions and clauses on electronic fund transfer payment systems matters. This realistic and useful article offers easy explanations of legal rights related to duties and liabilities of financial institutions. The law of electronic fund transfer systems also offers expert advice to oversee financial institutions EFT systems. This, in
Overall, manual expense reporting has proven to be an inefficient, frustrating, and expensive process for all involved - an area ripe for automation.
The Power of EMA
As is true with any automated process, EMA is about enhancing collaboration, streamlining processes, controlling costs, and enhancing the information exchange within and across organizational boundaries. EMA helps companies focus on the bottom line and reduce costs by quickly and consistently collecting expense information, enforcing company policies, and gaining efficiency. The automation of expense management is no different than automating any internal process, and considered as a strategic tool in TCM.
Besides the manual method, there are other EMA methods, available in the marketplace, including outsourcing and licensed software. However, the most cost-effective method is a 100% Web-Based application service provider. Web-Based EMA solution providers target companies that push the envelope in business process automation and supply chain efficiencies using the
The specific, considered and most targeted answer in the task of reaching and encapsulating the vastly diverse audiences that exist in the great market-place of the world is a difficult one. To a certain degree the concept of being able to direct communications to a specific audience is an extremely effective and optimum form of conveying a message and is of the utmost importance in discussing the business of advertising.Global impacting and thoughtful ideas that provoke and persuade consumers cross-borders can serve to find the cultural similarities and combine them into a market that is larger hence more economically powerful. The Levi’s, Audi and Lynx/Axe ads execute this idea with a border-less vision: The Levi’s ‘Clayman’, the Audi RS6-‘Bull’and Lynx-‘Seduction’ clearly and emphatically communicate their message and remain placeless; that is they need not be tailored to the U.K market nor any other. They are creative global ads that engage consumers in any country.However the core solution lies in delivering a message clearly and coherently in an engaging, original and memorable manner. Also by having considered and well informed strategic insights into the product and the target markets allow for a more creatively sensitive and powerful co
Besides the manual method, there are other EMA methods, available in the marketplace, including outsourcing and licensed software. However, the most cost-effective method is a 100% Web-Based application service provider. Web-Based EMA solution providers target companies that push the envelope in business process automation and supply chain efficiencies using the Internet. "The companies that have embraced Web Based EMA solutions are reaping significant rewards ... and are also prepared themselves for when the market begins to grow again, as they can do more with fewer A/P employees.
Many companies promised that expense management process could simply be addressed using financial or sophisticated ERP system modules. However, according to the analysts, many best-practice companies have found themselves turning to Web-Based providers for ease-of-use and ease-of-implementation. Solution provider like iEmployee are addressing and solving real business issues, and the companies deploying Web-Based solutions are gaining significant and rapid business value -value that translates into business advantages that were unattainable before the advent of Internet technology. Key advantage of Web-based EMA:
In Most organizations, travel and entertainment (T&E) expenses are often overlooked as insignificant or inevitable. Because of that, they do not immediately come to mind in the context of traditional supply chains. According to the Aberdeen Group, "Employee-initiated travel and entertainment (T&E) can account for one in five operational dollars a company spends (with even higher percentages at service firms)." Following is a discussion of expense management automation (EMA) as a part of total cost management (TCM).
Expense reimbursement mixed in manual paper-based procedures, lack policy enforcement resulting in lengthy and costly process cycles with no reporting or analysis capability. However, times have changed, and the tough economic conditions of the past few years have forced organizations to curb expenses and scrutinize travel policies. As a result, business T&E expenses are virtually untapped areas for process automation and cost savings in all companies.
Organizations all over the world are cutting direct costs, which make up 30-60% of most companies overall expenditures. Employee-initiated expenses, such as T&E contribute up to 20% to these costs. However, traditional expense management systems are time consuming, labor intensive, and lack a policy enforcement mechanism. They also require significant staff resources, including managers and accounting personnel.
Over the last decade companies have invested in electronic enterprise resource planning (ERP), building a sophisticated TCM infrastructure or better manage direct and indirect costs. However, little attention paid to automating and optimizing employee-initiated expenses. According to the Aberdeen Group, "EMA offers as much opportunity, if not more, as e-procurement in reining in costs." Understanding Expenses
Many leading global companies with the most sophisticated ERP systems can provide detail such as the exact quantity, location and price of the smallest component of a commodity in their products supply chain. However, these systems fail to track how much employees spend on hotels, where they stay, and/or how much they pay per night.
According to the Aberdeen Group survey, despite million-dollar travel budgets and 100% manual auditing of all expense reports for policy compliance, in most companies support of the T&E functions for employees
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